Main Points for Development


SquareBits prime motives are creating an open marketplace with no central control based on open source software. For the people who are using Crypto Currencies there is a free movement of finances. With this free movement of finances will come the free movement of goods.

1. Decentralized Marketplace
2. Integrated Escrow
3. High Rate of Buyer and Seller Consumer Protection
4. Highly Secure
5. Secured Communication

Expanded Development Criteria


SquareBit is a decentralized marketplace for the use of selling products.
SquareBit offers market and merchant independence. It can be developed and used by a variety of Crypto Currencies.
The SquareBit coin will be the first coin on the SquareBit marketplace. So the coin will be used for trading on the system. The SquareBit coin will also be decentralized and use anonymity features.
People are liable on this service due to its decentralized nature however anonymity and security is high to protect buyers and sellers.
More Crypto Currencies can be added to the SquareBit network this will allows digital crypto economies to be improved across the world.
Anonymous messaging in built in with the open source software of Bitmessage. The Bitmessage network is anonymous and decentralized messaging system offering a layer of security to buyers and sellers on the SquareBit network.
SquareBit uses three multi signature addresses one for the initial payments and two others for payment insurance. These payments will have to be loaded onto accounts before buying or selling. This is a form of user protection, it stops the spam of products and discourages users from putting up false advertisements. These deposit amounts are set at 5% for the both the buyer and the seller.

The SquareBit market is mutually beneficial because it draws 5% from both accounts of the seller and the buyer. This makes sure that trades will happen as buyers and sellers can both lose if the transaction has not been completed.
If the buyer is happy and has received the products on approving the deal they get 5% the total of their initial deposit back. If the deal is completed correctly then the seller also receives their deposit.
Deposits are needed for the seller and the buyer in order to stop multiple spam listings as well as falsification on the network.

SquareBit works through the Electrum Client. This stops the Blockchain download so there is no need to constantly update the Blockchain. Electrum seeks out alternative means to source and lookup Blockchains. With the Electrum client all advertisements and categories will be loaded quickly.
Anyone can place buys and sells on the market. All products will be offered under an escrow agreement as well.
Categories can be created by anyone through the program. Searching of categories can be done by searching list of countries or any other specific category. Categories will also be rendered like advertisements, the higher amount of positive trades linked to them the higher the categories position will be.